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Construction Contract (Contract Revenue (Variations (Instruction by the…
Construction Contract
Defination
Revenue and costs should be recognised in proportion to the stage of completion of contract activity.
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Contract Revenue
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Claims
seeks to collect/pay as reimbursement for costs not incurred in the contract price.
(EG. customer-caused delay/penanty of delay caused by contartors)
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Measurement are affected by a variety of uncertainties,hence entity should frequently revise the estimates as events occur and uncertainties are resolved
Contract Cost
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It may be reduce by any incidental income(eg. gain on disposal PPE) which did not incurred in the revenue
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